Portugal (PT)
Portugal is a parliamentary republic on the southwestern tip of the Iberian Peninsula, bordered by Spain to the north and east and the Atlantic Ocean to the west — a nation of fado music, Age of Discovery seafaring heritage, golden beaches from the Algarve to the Silver Coast, world-famous port wine and Douro Valley vineyards, and a warm, welcoming culture that has made it one of Europe's most beloved expat destinations.
Banking in Portugal
Recommended banks, payment culture and credit score basics.
Portugal's banking system is built around the Multibanco (MB) network — one of the most advanced ATM and payment systems in Europe, developed in the 1980s and still highly capable. Nearly every ATM and POS terminal runs on Multibanco. MB WAY is the mobile payment and peer-to-peer transfer app that is the Portuguese equivalent of Bizum (Spain) or Lydia (France) — linking directly to your Portuguese bank IBAN for instant transfers, payments, and bill splitting. Major Portuguese banks: Caixa Geral de Depósitos (state-owned, largest), Millennium BCP (BCP), Novo Banco, Santander Portugal, BPI (CaixaBank group), Banco Montepio, Banco CTT (CTT post office bank). Fintech options: ActivoBank (Millennium BCP digital brand), Revolut, N26, Wise, and Banco CTT offer fee-free or low-fee current accounts widely used by expats.
Recommended banks
Caixa Geral de Depósitos (CGD)
EnglishMonthly fee: €5.50–7.50/month standard / €0 (E-gert digital, if salary domiciled)
Requirements: NIF + passport/ID + proof of address. For non-residents: NIF + passport only. Branch visit or online video-ID for digital account.
- + State-owned — most branches nationwide
- + Extensive Caixa ATM network free withdrawals
- + Excellent online and mobile banking
- + English service available at major branches (Lisbon, Porto, Algarve)
- - Higher fees than neobanks — €5.50–7.50/month for standard accounts; fee waiver conditions require salary domiciliation or minimum balance
- - Branch waiting times can be long — popular branches in Lisbon and Porto have significant queues; appointment or digital banking strongly recommended
- - International SWIFT fees: €15–30 per outbound transfer — Wise is considerably cheaper for regular international transfers, particularly for transfers to Brazil
- - English service availability varies by branch — major Lisbon and Porto branches have English-capable staff but smaller provincial branches may not; confirm availability before visiting
Millennium BCP
EnglishMonthly fee: €5.00–8.00/month / €0 (ActivoBank)
Requirements: NIF + ID + address proof. ActivoBank digital: NIF + video-ID.
- + Largest private bank in Portugal
- + Good international transfers
- + ActivoBank (digital branch) is fully free with no conditions
- - Monthly fees €5–8 apply for traditional accounts — fee waiver requires salary domiciliation of €500+ or maintaining minimum balance; confirm current threshold at branch opening
- - International SWIFT fees: €15–30 per outbound transfer plus FX spread — considerably more expensive than Wise or Revolut for regular international transfers
- - Branch service primarily in Portuguese — English available at larger Lisbon and Porto branches but not reliably available at all locations; functional Portuguese useful for everyday banking
- - Account opening requires in-person visit with full documentation — NIF, passport/ID, proof of address; ActivoBank digital alternative is faster but has fewer features than full BCP account
ActivoBank
EnglishMonthly fee: €0 (no conditions)
Requirements: NIF + video identification online. Fully digital onboarding.
- + Fully free — no monthly fee, no minimum balance, free ATM withdrawals at Millennium/CGD network
- + Excellent mobile app
- + MB WAY available
- + Portuguese IBAN — universally accepted by employers and landlords
- + English app and customer service
- - Branch support via parent Millennium BCP only — no dedicated ActivoBank branches; in-person issues must be resolved at Millennium BCP locations
- - International SWIFT fees: €15–25 per outbound transfer — Wise is considerably cheaper for non-EU international transfers despite ActivoBank's competitive domestic offering
- - Customer service primarily in Portuguese — limited English support at branch level; complex issues or complaints require Portuguese-language communication
- - No credit products directly from ActivoBank — mortgages, personal loans, and credit cards require applying through Millennium BCP with full income documentation
Banco CTT
Monthly fee: €0
Requirements: NIF + Cartão de Cidadão or passport. Can open at any CTT (post office) branch — useful if you cannot get to a bank branch.
- + Available at 1,700+ CTT post offices nationwide — more accessible than banks in rural areas
- + Free account with MB WAY
- + Portuguese IBAN
- - Limited English support — all service and communications in Portuguese; not suitable for expats with limited Portuguese language skills
- - Less sophisticated investment and international transfer options
- - International SWIFT fees apply for non-SEPA transfers — Banco CTT not optimised for international banking; use Wise for transfers outside the EU
- - Limited ATM network — Banco CTT relies primarily on CTT post office locations and partner ATMs; fewer self-service machines than CGD or Millennium BCP; cash access less convenient
Novo Banco
EnglishMonthly fee: €5.50/month / €0 (Conta Jovem for under-30, or salary domiciliation)
Requirements: NIF + ID + address proof. Online opening with video-ID available.
- + Good branch coverage
- + English service at major branches
- + Reasonable international transfers
- - Monthly fees €5.50 apply unless salary is domiciled at Novo Banco — confirm specific fee waiver conditions including minimum salary amount and account type
- - International SWIFT fees: €15–30 per outbound transfer — Wise is considerably cheaper for regular non-EU international transfers
- - English service varies by branch — available at major Lisbon branches but not guaranteed at Porto or provincial locations; Portuguese language helpful for routine banking
- - Historical reputation affected by Banco Espírito Santo collapse — Novo Banco was created from BES's good assets in 2014; state-backed recapitalisations since; stable now but some expats prefer CGD (state-owned) for large deposits
N26
EnglishMonthly fee: €0 (Standard)
Requirements: Passport + video-selfie, instant. No Portuguese address required initially.
- + Can open from abroad before arriving in Portugal
- + English app
- + Free virtual card
- + Good FX rates for international spending
- - German IBAN (DE) — may cause issues with some Portuguese employers or landlords who expect PT IBAN
- - MB WAY not natively integrated
- - International SWIFT fees for non-SEPA transfers — N26 charges per-transfer fees for non-EU wires; check current plan limits; Wise is cheaper for regular transfers outside Europe
- - Customer service online only — no Portuguese branch support; all issues resolved via chat and email; complex disputes take longer to resolve than at traditional Portuguese banks
Revolut
EnglishMonthly fee: €0–13.99 depending on plan
Requirements: Passport + selfie. Instant.
- + Best FX rates for international use
- + Multi-currency accounts
- + Budgeting tools
- + MB WAY compatible since 2024 on some plans
- - Lithuanian IBAN — some landlords/employers may refuse, though EU IBAN discrimination is illegal
- - Customer service quality variable
- - MB WAY integration has limitations — Revolut's MB WAY compatibility (introduced 2024) has been reported as inconsistent; verify current functionality before relying on it for Portuguese peer-to-peer payments
- - Not covered under FGCD (Fundo de Garantia de Depósitos) — Revolut operates under Lithuanian banking licence; EUR deposits not insured under Portuguese deposit guarantee scheme
Wise
EnglishMonthly fee: €0 (account free; pay per transfer)
Requirements: Passport + selfie. Instant.
- + Best rates for international transfers (interbank rate)
- + Multi-currency balance
- + Belgian IBAN (BE...) available for SEPA transfers — not a PT IBAN; some Portuguese utilities require PT IBAN from a traditional bank
- - Not a full bank (not deposit-protected under FGCD)
- - No credit products or mortgages
- - Not ideal as primary account for salary in Portugal
- - International transfer fees vary by corridor — typically 0.4–1.5% plus small flat fee; while competitive, larger transfers (€10,000+) may benefit from specialist FX brokers (OFX, CurrencyFair) for even better rates
Payment culture
Multibanco (MB) is the backbone of Portuguese payments — ATM withdrawals, utility payments, online purchases, and POS terminals all run through MB. MB WAY is the standard for peer-to-peer transfers, restaurant splitting, and mobile payments — activate it with your Portuguese mobile number and PT IBAN. Contactless card payments and Apple/Google Pay widely accepted. Cash remains important in tascas, village markets, and some taxis — carry €20–30. Checks (cheques) are rarely used. SEPA Credit Transfer and SEPA Instant available between PT and EU banks.
Cash access
Multibanco ATMs: free for withdrawals at your own bank's ATMs. Cross-bank withdrawals within MB network: typically €0.50–2 fee depending on bank. Euronet and international brand ATMs in tourist areas: can charge €3–6 surcharge — avoid. Most CGD, BCP, and Santander ATMs free for customers. Never accept Dynamic Currency Conversion (DCC) — always withdraw in EUR.
Banco de Portugal Central de Responsabilidades de Crédito (CRC)
Check your credit history via Banco de Portugal's CRC: clientebancario.bportugal.pt. Shows all outstanding credit (mortgages, personal loans, credit cards) and any defaults. Free access with Chave Móvel Digital or Cartão de Cidadão chip.
Free annual check: Free at any time via clientebancario.bportugal.pt. No equivalent to ASNEF blacklist in Spain — Portugal uses the CRC as a positive and negative credit register.
Portugal does not have a US-style credit score. Banks assess affordability based on income, existing debts, and employment stability. The CRC shows your debt history — any defaults are visible. Tax debt to AT and Segurança Social arrears also appear in separate databases consulted by banks. Good credit standing for a mortgage requires: income × 40% ≥ monthly debt instalments + new mortgage payment (taxa de esforço rule, Banco de Portugal prudential regulation).
International transfers
Wise and Revolut offer the best FX rates for international transfers (mid-market rate). Traditional Portuguese banks charge 2–4% spread + €15–30 SWIFT fees. SEPA Instant transfers within Europe: typically free or €0.10–0.25, processed within 10 seconds. For transfers to Brazil (most relevant given large Brazilian community): Wise, CurrencyFair, or specialist Brazil-Portugal FX brokers (Inter, Remessa Online) offer better rates than traditional banks.